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Charlottesville Office | 21H1 Research and Forecast Report

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Half a million square feet of class A product delivered within two years' time

“While previously starved for new supply, Charlottesville is finally benefitting from a healthy level of inventory providing choices across a spectrum of sizes for companies looking to grow in the marketplace. Over 275,000 square feet of class A office space was delivered in 2020, with an additional 297,000 square feet expected to deliver by year-end.  This new construction is allowing for many companies who were operating in multiple Class B locations to consolidate into much more efficient contiguous Class A spaces.  Charlottesville’s steady and growing office footprint is in part driven by a solid base of sector-resilient companies including those in the financial services, energy, R&D, and defense industries. Despite the occupancy challenges caused by the COVID-19 pandemic, the Charlottesville office market has maintained relatively solid fundamentals and is well positioned for growth in leasing activity over the next 12 months.”
Cass Kawecki | Vice President

 

Key Takeaways:

  • Since the beginning of 2020, Charlottesville has had 275,000 square feet of class A office space delivered to the market, with an addition-al 297,000 square feet expected to deliver by year-end.
  • With U.S. Companies shifting towards increased telework models, the Commonwealth of Virginia has enabled the VEDP to consider telework positions held by Virginia residents when offering economic development incentives for site-selection projects.
  • The Class A vacancy rate remains inflated at 8.2% due to increased office supply coupled with decreased leasing velocity.
  • Apex Plaza, delivering 187,000 square feet in December 2021, is 90%pre-leased.

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Charlottesville Office | 21H1 Research and Forecast Report

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Related Experts

Andrew Boninti

Senior Vice President

Charlottesville

Andrew Boninti has over 35 years of experience in all aspects of the real estate market. Following graduation from the University of Virginia, (where he was also co-captain of the UVA basketball team), he became actively involved in commercial property valuation, real estate sales, leasing and land acquisition. His extensive experience in the development and implementation of marketing strategies for retail centers comes from years of hands-on involvement with prospective tenants and potential project buyers.

After serving as president of a mid-sized real estate and development company for six years, he founded the Rivanna Realty and Investment Company in 1989. Over time, he accumulated a large client base of national tenants, potential investors and purchasers interested in commercial property. Along with several property development projects, Rivanna Realty managed over 1 million square feet of commercial space for long-standing clients.

Andrew was the co-founder of Primary Investment and Management Company and is currently a partner in several commercially owned investment properties as well as a general partner in the development of retail properties. In January 2007, Andrew became Senior Vice President as a result of a merger with Rivanna Realty.

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Carolyn Shears

Senior Vice President

Charlottesville

Carolyn Shears specializes in tenant representation and investment sales in Central Virginia. She advocates for and advises her clients through the complexities of real estate lease and sale transactions. Since 2007, she has been a Senior Vice President with the firm, and prior to that time she was the principal broker of her own commercial real estate firm.

Carolyn’s clients benefit from her market knowledge and expertise gained over the course of her extensive career which spans over thirty years. Carolyn is able to leverage her experience to attain the best possible outcome for her clients, whether that be keen negotiating to achieve cost savings for her corporate clients or finding the ideal location in spite of a market with limited inventory. She has assisted numerous Charlottesville-based companies with commercial real estate requirements in multiple markets--both domestic and international locations.

Focusing on investment sales enables her to parlay her over ten years of commercial real estate appraisal background in to a concrete asset that her investor clients have come to depend upon. She works hard to create a competitive market in order to maximize profits for her investor clients.

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Leigh Hughes

First Vice President

Charlottesville

Leigh Hughes represents clients in the sale, purchase and leasing of retail, office, land and industrial properties. While serving as the primary retail broker in the Charlottesville office, Leigh has also been very successful working with office and industrial clients to satisfy their sale and leasing needs. Additionally, Leigh has represented buyers and sellers of retail and multi-family land. Focused on building quality relationships with his clients, Leigh has been successful at implementing sale and leasing strategies for multiple property types in his career.

Leigh is a native of Suffolk, VA and 1999 graduate of the University of Virginia, where he earned a bachelor of arts in history. Prior to a transition to Commercial Real Estate in 2003, he worked in the golf industry. Leigh got his start as a broker and property manager for Rivanna Realty, and joined the firm in 2007 upon its acquisition of Rivanna Realty. In his time with the firm, Leigh ascended from Associate to Assistant Vice President in a short period of time through continued hard work and dedication to his clients.

Leigh resides in the City of Charlottesville and is married with two children. He is an avid supporter of University of Virginia athletics, and spends much of his free time competing in a variety of sports, including baseball, softball, basketball and golf.

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Jay ODonnell

First Vice President

Charlottesville

Jay O'Donnell joined the firm's Charlottesville office  as Vice President of Brokerage Services in 2015 and was promoted to First Vice President in 2020. As a member of the Colliers Retail Investement Property Group, Jay focuses on advising private and institutional investors in the dispostion and acquisition  of retail assets throughout the mid-atlantic. Jay also performs occupier and agency services as well as user and investment sales in Charlottesville and central Virginia.

His previous position was with CBRE in their Washington, DC office where Jay was responsible for over 1 million square feet of existing inventory as well as product under development in the district, suburban Maryland and Northern Virginia. His responsibilities included tenant generation and prospecting, business developement, multiple market analysis, landlord services and lease and sale negotiations before focusing on capital markets and joining the CBRE Mid-Atlantic Investment Team.  

Prior to his career in commercial real estate, Jay worked for a sports production firm in Winchester, VA. He graduated from the University of Virginia with a degree in Economics.

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Casimer Kawecki

Vice President

Charlottesville

With over 15 years of professional experience in the commercial real estate industry across multiple markets, Cass Kawecki leverages his acquired knowledge, resources and relationships to consistently create advantage for his clients. He has negotiated the closing of over $500 million in property transaction volume during his career to date. 
 
Cass has a tremendous depth of experience with investment property sales, having transacted across all property types and scales including land, multi-family, mixed-use, industrial, retail, office and adaptive redevelopment properties. His clients have included local and regional private investors and developers and institutional owners including lenders, special servicers and public and private REIT's. 
 
Through his occupier services role, tenants rely on Cass as a trusted advisor, advocate and strategic partner. His clients include many of the largest and fastest growing companies with a presence in the Charlottesville area. Through Cass' attention to financial detail and ability to lead a structured process that drives competition in the market, he helps his clients to achieve their occupancy requirements while exceeding their financial and strategic objectives. 

Cass' prior experience includes directing operations for the CBRE Private Client Group in Pittsburgh and leading sales and marketing for a mixed-use developer in Charlottesville. Cass is a recognized expert in his field and has taught graduate-level real estate development and finance courses in his spare time for both Carnegie Mellon and the University of Virginia.

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Grant Bates

Vice President

Charlottesville

I  joined the Charlottesville office in 2018 as a Vice President. I was born in Central Virginia and raised in Albemarle County. Being raised in Central Virginia gives me an extensive knowledge of the real estate market here and allows me to find the perfect location for my clients.

My diverse assignments include manufacturing facilities, mixed office and industrial flex properties, build-to-suit projects, and the full range of warehouse and distribution requirements. I have also represented clients with out-of-market distribution / logistics ventures and have a solid understanding of multi-faceted elements required. I approach each assignment with diligence and a bottom-line mindset – determined to optimize the value of clients’ real estate transactions.

My territory  stretches along the Interstate 81 corridor, covering Central Virginia , The Shenandoah Valley and Southwest Virginia. My large territory allows me to have a regional understanding of the current state of the industrial real estate market.

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